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United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended: September 30, 2022
Or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ________________ to ________________
Commission file number: 001-13221
Cullen/Frost Bankers, Inc.
(Exact name of registrant as specified in its charter)
Texas74-1751768
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
111 W. Houston Street,San Antonio,Texas78205
(Address of principal executive offices)(Zip code)
(210)220-4011
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on
which registered
Common Stock, $.01 Par ValueCFRNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 4.450% Non-Cumulative Perpetual Preferred Stock, Series BCFR.PrBNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of October 24, 2022 there were 64,298,720 shares of the registrant’s Common Stock, $.01 par value, outstanding.



Cullen/Frost Bankers, Inc.
Quarterly Report on Form 10-Q
September 30, 2022
Table of Contents
 Page
Item 1.
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2

Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Cullen/Frost Bankers, Inc.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
September 30,
2022
December 31,
2021
Assets:
Cash and due from banks$665,123 $555,778 
Interest-bearing deposits12,863,775 15,985,244 
Federal funds sold91,650 34,075 
Resell agreements12,150 7,903 
Total cash and cash equivalents13,632,698 16,583,000 
Securities held to maturity, net of allowance for credit losses of $158 at September 30, 2022 and $158 at December 31, 2021
2,174,084 1,749,179 
Securities available for sale, at estimated fair value17,399,107 13,924,628 
Trading account securities25,008 25,162 
Loans, net of unearned discounts16,950,629 16,336,397 
Less: Allowance for credit losses on loans(234,315)(248,666)
Net loans16,716,314 16,087,731 
Premises and equipment, net1,068,749 1,050,331 
Goodwill654,952 654,952 
Other intangible assets, net486 866 
Cash surrender value of life insurance policies190,368 190,139 
Accrued interest receivable and other assets1,083,803 612,502 
Total assets$52,945,569 $50,878,490 
Liabilities:
Deposits:
Non-interest-bearing demand deposits$18,565,820 $18,423,018 
Interest-bearing deposits27,994,366 24,272,678 
Total deposits46,560,186 42,695,696 
Federal funds purchased26,200 25,925 
Repurchase agreements2,082,739 2,740,799 
Junior subordinated deferrable interest debentures, net of unamortized issuance costs123,055 123,011 
Subordinated notes, net of unamortized issuance costs99,295 99,178 
Accrued interest payable and other liabilities1,241,622 754,326 
Total liabilities50,133,097 46,438,935 
Shareholders’ Equity:
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; 150,000 Series B shares ($1,000 liquidation preference) issued at September 30, 2022 and December 31, 2021
145,452 145,452 
Common stock, par value $0.01 per share; 210,000,000 shares authorized; 64,236,306 shares issued at September 30, 2022 and December 31, 2021
642 642 
Additional paid-in capital1,018,624 1,009,921 
Retained earnings3,179,964 2,956,966 
Accumulated other comprehensive income (loss), net of tax(1,528,925)347,318 
Treasury stock, at cost; 24,917 shares at September 30, 2022 and 250,070 shares at December 31, 2021
(3,285)(20,744)
Total shareholders’ equity2,812,472 4,439,555 
Total liabilities and shareholders’ equity$52,945,569 $50,878,490 
See Notes to Consolidated Financial Statements.

3

Cullen/Frost Bankers, Inc.
Consolidated Statements of Income
(Dollars in thousands, except per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Interest income:
Loans, including fees$205,932 $168,779 $522,588 $518,957 
Securities:
Taxable68,311 20,736 167,734 61,366 
Tax-exempt59,450 56,882 173,394 169,656 
Interest-bearing deposits74,257 5,830 106,971 11,877 
Federal funds sold316 2 428 13 
Resell agreements64 6 78 11 
Total interest income408,330 252,235 971,193 761,880 
Interest expense:
Deposits42,682 3,677 62,187 10,693 
Federal funds purchased249 9 336 24 
Repurchase agreements7,529 632 9,837 1,597 
Junior subordinated deferrable interest debentures1,159 631 2,515 1,915 
Subordinated notes1,164 1,164 3,492 3,492 
Total interest expense52,783 6,113 78,367 17,721 
Net interest income355,547 246,122 892,826 744,159 
Credit loss expense   63 
Net interest income after credit loss expense355,547 246,122 892,826 744,096 
Non-interest income:
Trust and investment management fees38,552 37,381 114,984 110,569 
Service charges on deposit accounts22,960 21,216 69,570 61,058 
Insurance commissions and fees13,152 11,748 41,536 39,834 
Interchange and card transaction fees4,614 4,490 13,751 13,224 
Other charges, commissions and fees11,095 9,785 30,609 26,729 
Net gain (loss) on securities transactions    
Other9,448 8,569 28,688 26,258 
Total non-interest income99,821 93,189 299,138 277,672 
Non-interest expense:
Salaries and wages127,189 99,463 355,399 289,956 
Employee benefits21,680 21,576 66,633 62,840 
Net occupancy28,133 27,208 83,923 79,909 
Technology, furniture and equipment30,781 28,494 89,859 84,508 
Deposit insurance4,279 3,088 11,636 8,893 
Intangible amortization103 157 380 544 
Other45,733 38,017 135,147 116,749 
Total non-interest expense257,898 218,003 742,977 643,399 
Income before income taxes197,470 121,308 448,987 378,369 
Income taxes27,710 13,333 61,011 36,311 
Net income169,760 107,975 387,976 342,058 
Preferred stock dividends1,668 1,668 5,006 5,488 
Net income available to common shareholders$168,092 $106,307 $382,970 $336,570 
Earnings per common share:
Basic$2.60 $1.66 $5.92 $5.25 
Diluted2.59 1.65 5.90 5.22 
See Notes to Consolidated Financial Statements.
4

Cullen/Frost Bankers, Inc.
Consolidated Statements of Comprehensive Income (Loss)
(Dollars in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Net income$169,760 $107,975 $387,976 $342,058 
Other comprehensive income (loss), before tax:
Securities available for sale and transferred securities:
Change in net unrealized gain/loss during the period(829,324)(80,668)(2,376,642)(209,779)
Change in net unrealized gain on securities transferred to held to maturity(174)(237)(572)(741)
Reclassification adjustment for net (gains) losses included in net income    
Total securities available for sale and transferred securities(829,498)(80,905)(2,377,214)(210,520)
Defined-benefit post-retirement benefit plans:
Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit)741 1,529 2,223 4,587 
Total defined-benefit post-retirement benefit plans741 1,529 2,223 4,587 
Other comprehensive income (loss), before tax(828,757)(79,376)(2,374,991)(205,933)
Deferred tax expense (benefit)
(174,038)(16,669)(498,748)(43,246)
Other comprehensive income (loss), net of tax(654,719)(62,707)(1,876,243)(162,687)
Comprehensive income (loss)$(484,959)$45,268 $(1,488,267)$179,371 
See Notes to Consolidated Financial Statements.
5

Cullen/Frost Bankers, Inc.
Consolidated Statements of Changes in Shareholders’ Equity
(Dollars in thousands, except per share amounts)
Preferred
Stock
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
Treasury
Stock
Total
Three months ended:
September 30, 2022
Balance at beginning of period$145,452 $642 $1,015,451 $3,070,109 $(874,206)$(10,473)$3,346,975 
Net income— — — 169,760 — — 169,760 
Other comprehensive income (loss), net of tax— — — — (654,719)— (654,719)
Stock option exercises/stock unit conversions (88,350 shares)
— — — (1,918)— 7,188 5,270 
Stock-based compensation expense recognized in earnings— — 3,173 — — 3,173 
Cash dividends – Series B preferred stock (approximately $11.13 per share which is equivalent to approximately $0.28 per depositary share)
— — — (1,668)— — (1,668)
Cash dividends – common stock ($0.87 per share)
— — — (56,319)— — (56,319)
Balance at end of period$145,452 $642 $1,018,624 $3,179,964 $(1,528,925)$(3,285)$2,812,472 
September 30, 2021
Balance at beginning of period$145,452 $642 $1,002,939 $2,862,966 $412,990 $(51,172)$4,373,817 
Net income— — — 107,975 — — 107,975 
Other comprehensive income (loss), net of tax— — — — (62,707)— (62,707)
Stock option exercises/stock unit conversions (21,968 shares)
— — — (1,085)— 2,213 1,128 
Stock-based compensation expense recognized in earnings— — 1,985 — — — 1,985 
Purchase of treasury stock (478 shares)
— — — — — (54)(54)
Cash dividends – Series B preferred stock (approximately $11.13 per share which is equivalent to approximately $0.28 per depositary share)
— — — (1,668)— — (1,668)
Cash dividends – common stock ($0.75 per share)
— — — (48,114)— — (48,114)
Balance at end of period$145,452 $642 $1,004,924 $2,920,074 $350,283 $(49,013)$4,372,362 
See accompanying Notes to Consolidated Financial Statements

6

Cullen/Frost Bankers, Inc.
Consolidated Statements of Changes in Shareholders’ Equity
(Dollars in thousands, except per share amounts)
Preferred
Stock
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
Treasury
Stock
Total
Nine months ended:
September 30, 2022
Balance at beginning of period$145,452 $642 $1,009,921 $2,956,966 $347,318 $(20,744)$4,439,555 
Net income— — — 387,976 — — 387,976 
Other comprehensive income (loss), net of tax— — — — (1,876,243)— (1,876,243)
Stock option exercises/stock unit conversions (232,612 shares)
— — — (6,695)— 18,455 11,760 
Stock-based compensation expense recognized in earnings— — 8,703 — — — 8,703 
Purchase of treasury stock (7,459 shares)
— — — — — (996)(996)
Cash dividends – Series B preferred stock (approximately $33.38 per share which is equivalent to approximately $0.83 per depositary share)
— — — (5,006)— — (5,006)
Cash dividends – common stock ($2.37 per share)
— — — (153,277)— — (153,277)
Balance at end of period$145,452 $642 $1,018,624 $3,179,964 $(1,528,925)$(3,285)$2,812,472 
September 30, 2021
Balance at beginning of period$145,452 $642 $997,168 $2,750,723 $512,970 $(113,939)$4,293,016 
Net income— — — 342,058 — — 342,058 
Other comprehensive income (loss), net of tax— — — — (162,687)— (162,687)
Stock option exercises/stock unit conversions (650,044 shares)
— — — (26,652)— 64,462 37,810 
Stock-based compensation expense recognized in earnings— — 7,756 — — — 7,756 
Purchase of treasury stock (12,103 shares)
— — — — — (1,342)(1,342)
Treasury stock issued to the 401(k) stock purchase plan (18,555 shares)
— — — (57)— 1,806 1,749 
Cash dividends – Series B preferred stock (approximately $36.59 per share which is equivalent to approximately $0.91 per depositary share)
— — — (5,488)— — (5,488)
Cash dividends – common stock ($2.19 per share)
— — — (140,510)— — (140,510)
Balance at end of period$145,452 $642